Brevan Howard's main fund down 1 percent in year to end-July - sources

LONDON (Reuters) - Leading European hedge fund Brevan Howard’s main fund was down 1 percent in the year to the end of July, two sources said, handing back gains made after Britain’s vote to leave the European Union.

British billionaire Alan Howard’s $16 billion (£12.32 billion) fund, the performance of which is closely held, had gained 1 percent on June 24, the day after the referendum, to take its year-to-date performance at that point to 0.45 percent.

Howard’s main fund, which uses macroeconomic analysis to bet on a variety of securities, has struggled in recent years, losing 1.99 percent in 2015 to post its second consecutive year of losses.

Reporting by Maiya Keidan; editing by Simon Jessop